What is a simple will?

On Behalf of | May 10, 2021 | Estate Planning

Many Americans believe that estate planning is something people only do if they have a lot in the way of assets or are nearing retirement. However, the reality is that it is possible to die at any time, and having a plan in place can help make life easier on those who must manage your assets after your death. 

This does not mean that every adult American needs a complicated estate plan. In fact, according to FindLaw there is an estate planning option specifically called a “simple will” in order to help younger persons with smaller estates plan effectively.  

Is a simple will for me?

While everybody’s situation is unique, there are some characteristics that simple will holders have in common. Normally, they are under the age of 50 and have a small estate. A small estate is an estate that the government will not subject to estate taxes. If this describes you, then a simple will will probably fill your needs.  

What can a simple will do?

A simple will can ensure that your chosen executor can properly handle and disseminate your assets, no matter how many you have, in a manner of your choosing. Simple wills are also very important if you have children, as you can use a simple will to delineate a guardian for them in the event that both you and your spouse die.  

Simple wills are not able to manage your money after your death. For example, if you would like to set up a trust for your grandchildren, a simple will cannot do this. For those who are looking for an easy and affordable way to responsibly manage your assets, a simple will can work.